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11. Explain what is meant by the term 'Budget' and the key purpose of a budget (100 words). -Spend or save money -plan in advance

11. Explain what is meant by the term 'Budget' and the key purpose of a budget (100 words). -Spend or save money -plan in advance (aka forecasting) to know if the business has enough money -prediction (remembering this is based on our Q and Q) level of INCOME and EXPENSE and CAPITAL requirements (PPE, building, mvs) -Past performance, current events, expectations for the future -Sales budget-current sales figures, gather info from all sources and then forecast out into future

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